Dhanlaxmi Bank shareholders seek to curb CEO spending powers; EGM on Nov 12

Through another resolution, the shareholders are also seeking a settlement on the issue of a legal battle with some shareholders regarding board positions.

A group of nine shareholders of Thrissur-based Dhanlaxmi Bank have called for an extraordinary general meeting (EGM) of the bank on November 12, in a move to curb the spending powers of its chief executive officer.

The nine shareholders hold a total of around 13 per cent shares in the company. The group is led by R P Group head Ravindran Pillai, who holds a 9.99 per cent stake in the company. As per a notification, one of the resolutions, shareholders have sought the suspension of delegated powers exercised by the managing director and CEO regarding “all capital and revenue